Author Question: If a monopolistically competitive firm is in long-run equilibrium and average cost equals 150, then ... (Read 76 times)

asd123 · **on:** Jun 30, 2018

If a monopolistically competitive firm is in long-run equilibrium and average cost equals 150, then the market price must be 150.
a. True
b. False

Question 2

The efficient level of public good provision is determined
a. where the market demand curve intersects the marginal cost curve
b. where the sum of individual valuations equals the sum of marginal costs
c. without regard to economic factors
d. where marginal revenue product equals marginal factor cost
e. at the minimum point of the average total cost curve